The remarks come as investors fret over last week's statement from Federal Reserve Chairman Ben Bernanke that the U.S. central bank was thinking about dialing back its program of asset purchases known as QE3.

"We have an open mind about all possible instruments we may consider proper to adopt," Mr. Draghi said.

The ECB president fielded many questions from French parliamentarians about what the ECB can do for economic growth.

While the accommodative monetary policy is part of the response to the economic situation, Mr. Draghi said the onus is now on governments to make changes to their economies in order to be more competitive.

"The ECB has done as much as it can to stabilize markets and support growth. Now governments and parliaments need to do all they can to raise growth potential," he said.

Noting the ECB expects a "gradual recovery" by the end of this year, Mr. Draghi said it is key to get credit flowing from banks to households and businesses.

The ECB has already helped resolve the problem of funding for banks and addressed the risk of a euro breakup. However, he said the ECB can neither do much to repair the capital of banks or address the credit risk of individual companies.

It is also important to ensure banks function correctly if credit is to flow, Mr. Draghi said. In this respect, the ECB's review of bank balance sheets in the euro zone will deliver a transparent assessment of the health of the banks.

"By and large, [this] should not reveal major failures," he said.

Mr. Draghi also faced questions from French lawmakers who are concerned about the level of the euro against other currencies. Some expressed concerns that a high euro makes France's exports less competitive.

The ECB president said the strength of the euro is in part due to greater confidence in the currency, as well as "unintended consequences" of the policies of other central banks in the world.

Still, Mr. Draghi said the ECB doesn't have a foreign exchange rate policy, even if it monitors the level of the euro.

"Foreign exchange is not a policy target, but it is important for price stability and for growth," he said.